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Offence title: |
Need for an Australian financial services licence |
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Act: |
911A Corporations Act |
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Offence: |
(1) A person who carries on a financial services business must hold an Australian Financial Services Licence (AFSL) covering the provision of the services. Note 1: Also, a person must not provide a financial service contrary to a banning order or disqualification order under Division 8. Note 2: Failure to comply with this subsection is an offence: s. 1311(1). (2) This subsection deals with exemptions from holding an AFSL.
(3) This subsection provides further limitations on the application of the exemptions in ss. (2). (4) A person is not exempt under any paragraph of subsection (2) for a financial service they provide if the service is: (a) the operation of a registered scheme; or (b) a traditional trustee company service. (5) This subsection, and ss. (5A), provide further limitations on the application of the exemptions in ss. (2).
(5B) A person contravenes this subsection if the person contravenes subsection (1). Note: This subsection is a civil penalty provision: s. 1317E
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Penalty: |
(1) 5 years imprisonment, 2,000 penalty units, or both; |
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Summary/Indictable/mixed: |
Mixed |
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Jurisdiction: |
Local, District or Supreme Court |
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How committed: |
A person provides insurance advice without holding an AFSL or being an authorised representative of an AFSL holder. |